Mining exploration investment grew 20% and is expected to surpass US$1 billion
The IIMP expects exploration spending to maintain its momentum in 2026, amid a US$64 billion project pipeline and growing global demand for copper.
Lima, April 20, 2026. Mining exploration investment in Peru grew by 20% over the past year and is expected to once again exceed US$1 billion in 2026, amid increasing global interest in critical minerals and the need to reactivate the country’s project pipeline.
This was stated by Gustavo De Vinatea, general manager of the Peruvian Institute of Mining Engineers (IIMP), during the presentation of proEXPLO 2026, the region’s leading mining exploration event, which will take place from May 4 to 6 at the Jockey Exhibition Center.
“Last year we grew by around 20% in mining exploration, reaching close to US$1 billion. We expect that figure to be surpassed this year and for a similar growth rate to be maintained,” he said in an interview with Altavoz.
The rebound in exploration comes at a key moment for the sector. Peru currently has a portfolio of 67 mining projects worth more than US$64 billion, of which nearly 70% corresponds to copper—a key metal for the energy transition and global electrification.
However, De Vinatea warned that the development of new deposits depends directly on exploration activity. “The first link in the mining value chain is exploration. Without exploration, there are no new mines,” he emphasized.
Seven years without new mines
The executive recalled that Peru has not brought a new large-scale mine into operation since 2018, with the start-up of Quellaveco, highlighting the need to promote new investments in early stages.
“We need to restart the cycle of large projects. To do so, it is key to sustain growth in exploration,” he said.
In this regard, he noted that the country maintains strong geological attractiveness, which continues to generate interest among international investors. However, he pointed out that legal certainty is a determining factor in sustaining that interest.
“We must be able to attract formal investment at all levels. For that, we need stability and clear rules in the concession system,” he added.
Window of opportunity for critical minerals
The growth in exploration is also being driven by rising global demand for critical minerals, especially copper, amid the energy transition and technological development.
According to De Vinatea, the electrification of the economy and the expansion of infrastructure such as data centers are significantly increasing consumption of this metal.
“Data centers, the electrification of the planet—everything requires copper. Peru has the second-largest reserves in the world, but we have lost ground as producers,” he explained.
He added that, if the current project pipeline is developed, the country could become the world’s leading copper producer.
proEXPLO 2026 and focus on exploration
In this context, proEXPLO 2026—taking place this year—aims to consolidate itself as a key platform to promote mining exploration in the country and the region.
The event will bring together representatives from more than 30 countries and will feature an agenda that includes keynote conferences, technical courses, and geological exhibitions of real projects.
“proEXPLO 2026 is already the most important mining exploration event in Latin America and reflects the growing international interest in Peru’s geological potential,” De Vinatea said.